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In other sections of this web-site there is discussion and information about C-SOX, Risk Management and Strategic Planning – all of which have been highlighted as top priorities for senior financial managers these days. There are two areas that we would like to point out – one is an emerging accounting development that will significantly change Canadian GAAP in the upcoming years (International Financial Reporting Standards), and another is a time saving, value adding process that will provide significant benefits to any organization (Performance Metrics). Read more »

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The bankruptcies of Enron in 2001 and Worldcom in 2002 were due, in large part, from financial reporting irregularities. The sheer magnitude of Enron’s collapse (Enron had revenues of over $100 billion), the nature of some of their accounting practices, and complicity of other firms who turned a “blind eye” to the questionable transactions, created a crisis in confidence for investors who rely upon the financial statements of publicly traded companies in making investment decisions. Read more »

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Ontario Bill 198- Chapter 22 of the Statutes of Ontario, 2002

As a result of the turmoil in US markets in 2001 and 2002, regulators in Canada wanted to re-establish investor confidence in Canadian securities. In 2002, Ontario enacted Bill 198 as Chapter 22 of the Statutes of Ontario, which introduces measures similar to the Sarbanes-Oxley Act (SOX) in the United States. The TSX, located in Toronto, Ontario is the primary stock exchange in Canada, and therefore Bill 198 applies to almost all publicly traded companies in Canada. Bill 198 is also referred to as C-SOX (Canadian SOX). Read more »

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